of this tuesday, march 6th, super tuesday, there's the bell. the closing bell has rung. stay with us. maria has another great hour coming up. and it is 4:00 on wall street. do you know where your money is? hi, everybody, welcome back to the "closing bell," i'm ma railroad a bartiromo on the floor of the new york stock exchange. we're following the close this afternoon, amid concerns about greece and the eurozone economies. the dow industrials spiraling today for the first triple-digit loss of the year. the first percentage drop since november 23rd. the s&p 500 and the nasdaq had their largest one-day declines in nearly three months. fear creeping back into this market. the volatility index up for the first time since february. is this sell-off a buying

opportunity? chairman of home depot will weigh in. joining me momentarily. take a look at how we finished the day on wall street tonight. the dow jones industrial average down on the session, off of the worst levels of the session, down 204 points. nasdaq composite chalking up a 40-point decline, at 2910. the s&p 500, due to the weakness in financials, technology, down 21 points. let's get more on the sell-off today. mary thompson? >> thank you very much, maria. there are a few places to hide today. a sea of red on wall street. as concerns about global growth slowing down weighed on the markets today. of course, you had brazil coming out and saying that growth for the month of -- for the year 2011, 2.7%, it's talking stimulus. add to that china cutting its growth forecast yesterday. all of this weighing on the markets. the dow jones industrial average for the first time in 45 dates, a triple-digit decline. its first decline of more than 200 points since november 23rd

of last year. let's take a look at the sectors that played in today's decline. financials down 2.4%. materials down over 2%. consumer staples down -- or discretionary down 1.5%. this was the cyclical story as well because there is concerns about the slowing growth, not only here in the u.s., i guess you should say moderate growth. slowing growth around the world. consol energy, some utilities are using natural gas instead of coal. it's slowing production at some of its minds. rails also under pressure on concerns about slowing growth. take a look at the brazilian stocks. as i mentioned earlier, when the numbers came out that brazil economy grew, and they're thinking about stimulus, this put a pressure on brazilian stocks as well.

petrobras is off. the vix up significantly today, a sign of some fear returning to the market. keep in mind that the levels we saw about 21 or so on the vex, well below the spikes we saw earlier, or last summer, when things were really choppy. 200-day declines, like today's, were a lot more common. >> we've got weakness coming out of brazil and china. i wonder what your take is in terms of how much of this is priced into the market? are you expecting earnings estimates to come down as a result of this global slowdown? >> caterpillar actually had positive comments today about their outlook. but you have to keep in mind if brazil is slow and china is slowing down, that would have to affect a number of the multinationals which have been some of the better performers here. >> mary, thank you so much. let's head over to the nasdaq down, fared slightly better than the other major averages today.

>> slightly better, but still not great, if you're bullish. we closed off the lows of the session at the low we were down by about 48 points. closed down 40 points. still positive for the month by a hair, up by about 1/3 of a percent. there were big percentage losers today. nutri system lost almost 11% of its value today. this stock at one point was trading around $76 a share in 2006. it hit a 52-week low today. disappointed on earnings. and it got two downgrades. however, there were some dividend increases that were announced today by some of the big names that trade at the nasdaq. applied materials is one, qualcomm is the other. perhaps trying to send a signal to its investors. hang in there, we're going to reward you in any way we can, at least in the short run with these dividend increases u while perhaps the road may be a little rocky on the equity side for some of these shares. last, but not least, there were

some 52-week highs. i would like to balance it out a little bit. mattel shuffle master and o'reilly automotive hitting 52-week highs. >> you wonder if we see more dividend moves by some of these technology names, largely a group that has not paid dividends but recently you're actually seeing an increasing move on tech companies on dividends. >> i certainly wouldn't pout it out of the realm of possibility. urging investors, hang in there, we're going to pay you while we can. we'll see if we get more dividend increases. we've certainly seen it from a number of other consumer names. >> we'll see. court, thanks so much. let's look at the other business headlines tonight. guilty, allen stanford, the texas financier who ran a $7 billion ponzi scheme was convicted on 13 counts of fraud by a jury this afternoon. stanford's ponzi scheme involved nearly 30,000 investors in 113 countries.

he sat down with scott cohen back in 2009 when he was first under indictment. here's what stanford had to say then. >> all i can tell you that allen stanford has run no ponzi scheme. he has set out to defraud no one. he has worked his butt off for 25 years to build a credible real, solid, solvent group of companies. >> going by the nickname sabut, the suspected leader of the hacking group pled guilty. the word in cyberspace that he's been cooperating with the government. the justice department said four other members of the group known as anonymous have also been charged with computer hacking. one defendant calls the amount of construction they wreaked on

servers equivalent to a nuclear bomb. first triple-digit loss of the year. markets in wait-and-see mode. will the jobs market be enough to help here. good to have you both on the program. >> thank you. >> thank you so much for joining us. meg, when you see the equities the way we see today, do you see a pickup into fixed income? >> certainly. there's not too much for u.s. treasury rates to rally from this point. you can see ten closed about 195. that's off about 10, 15 basis points. not in any panic mode. we look for the risk off in the high yield markets. higher beta types of assets. but again, in the world of low income, low growth, cash is looking for a place to find carry. and that's helping key the eye yield markets in check. we'll see a 20, 30 basis point

move today. >> cash has been king in many ways, hasn't it. even though, you know, meg is looking at these yields that are rock bottom levels. talk to me about what the catalyst might be to get some of that cash that's on the sidelines moving back into stocks. >> well, i wish there was a magic moment that you'll have that kind of alarm bell ringing. i think people -- and this is the scary part -- is cash goes down at somewhere around 3% to 5% a year. that's what inflation's running. unfortunately it's the death of a thousand cuts. we hold basically every investment against that real cash level and say, is it going to give me more than 3% to 5%. it's hard to find things in fixed income to do that. in equities it's easier. but people naturally are saying, i can't lose my purchasing power every year. >> i want to talk about earnings. that's really in focus as we've seen in the last few weeks of the first quarter. let me get to julia boorstin. over to you, julia.

>> pandora's earnings and revenue falling short of analysts' expectations. pandora's revenue coming in at $21.8 million. they were looking for 3 cents. also, guidance is coming in light. guidance for the coming quarter. pandora expects revenue in the 72 to $75 million range. wall street was looking for $87 million. one thing i really want to point out here is pandora's costs are rising. the cost of an acquisition grew $23.9 million in the year ago quarter to $48 million this quarter. that's putting pressure on their earnings. >> julia, thank you so much. let's talk about earnings. and really, what we might expect in 2012. doug, do you think estimates are way too high here? >> no, i think they brought down

estimates. i think companies have guided lower, or set guidelines that are easier to surmount. it's gone to the upside quarter after quarter for the last three or for quarters. >> you have to wonder if things have gotten ahead of themselves, right? >> but people aren't invested. if you look at the mutual fund flows, they haven't gone into equities. most people are still betting against the market. everybody sees everything that could go wrong. i think people are waiting on the sidelines. >> meg, where do you go? >> certainly we've been overweight corporate credit with an eye towards higher quality, high yield types of names. one strategy you can use to achieve yield in excess of inflation this year is borrowing with the fed's easy money. take it from a 3% to 4% to maybe

5% to 6% on income through use of modest leverage. >> what about corporate bonds in the emerging markets? do you look outside the u.s.? >> absolutely. what a consequence of easy money is, a decline in the purchasing power globally of the u.s. dollar. if you're looking to hedge inflation, you have to have an on-dollar component. maybe in latin america or asia, look at structurally higher yields due to higher inflation and higher growth. you'll also help diversify your portfolio with loss of purchasing power over the declining dollar. >> makes a lot of sense. good to have you on the program. appreciate your time. up next, my exclusive interview with ken langone. whether he thinks investors are missing out on huge rewards by sitting on the sidelines right now. republican presidential primary narrowing the slate of

candidates. here are some of the guests on cnbc all day. that's super tuesday. back on the market and the economy. romney's really doubled down his economy 2.0, it's even more tax cuts for the very wealthiest americans who are doing fine. i think that people are still angry out there. and what they're looking for is some vision and some hope that the economy will get better for them. >> voters are saying, look, the one thing i know about governor romney is he's going to turn this country around. the one thing i know about governor romney is the guy focused on jobs. >> the best number that this market could see from this stock, i think from the equity market perspective would actually be the unemployment rate jumping up with a large nonfarm payroll gain. >> i think there's a real possibility here that unless we can figure that kind of package,

we're going to have a rolling set of two or three or four-month debt limit extensions throughout 2013, and that would just create a lot of anxiety and just create a lot of anxiety and uncertainty that nobody needs.

i'm bertha coombs with the nymex. gold no safe haven today as investors sold off across the board. closing below a key technical level. the next level to watch is 1652 an ounce, traders say. oil hovering near key support levels at this hour. tomorrow we'll be getting inventory numbers. in a few minutes we'll get the industry numbers. the expectation for the doe is a build in crude and drawdown of about 1.5 million barrels when it comes to gasoline. >> on this big day in the markets, and of course politics, we're pleased to have a veteran of the board room in investing, and outspoken supporter of mitt romney.

joining me here on the set is the chairman and co-founder of home depot. >> thank you for having me. >> i love having you. >> i thought you had forgotten about me. >> let me get your broad take on the economy. all day long we're hearing more talk about a global showdown, whether it's in brazil, in china, in the u.s. how do you see it? >> america, tepid. i think the developing countries, pretty good. brazil, china, what, china's gone from 8% to 7.5%. >> but i think it was 11%. >> 7.5% in a country of 200 billion people, that's pretty good. look, we have very significant deep-seeded problems in america. unemployme unemployment, how could we feel good when it's nom lally 8% and

in reality it's 14%. they arbitrarily say if you're not looking for a job, you're no longer unemployed. to me it's purchasing power. somebody says the hell with it, i can't get a job and go to the sidelines, they don't have the money to spend to keep the economy going. >> of course. >> i think the other thing -- >> you think unemployment is really at 13%? >> it's a guess. i have no -- >> 13%, 14%. >> it's a hell of a lot higher. the statistics people say, once you stop looking for the job, you leave the unemployment force. how do i feel? we've got a lot of work ahead of us. we've got to worry about the deficit. we've got to worry about restoring some respect for business in america. let's not look at the jobs the government pays.

that costs money. let's look at the jobs that business creates, that generates money. taxes and spending power and all those things. today's a big day for governor romney, and the other candidates. i believe he's going to win everything. i also believe he's going to be our nominee. and more importantly, i think he's going to be the next president. i don't believe -- i can't believe the american people buy into what's coming out of washington. this is not america, as i understand it. okay? >> do you think the republicans hurt themselves with all this fighting? newt and santorum? >> look, anybody who wants to run for anything in america, is free to do it. that's the genius of america. so a guy like santorum who thinks he's got a shot when he doesn't, or a guy like gingrich, what they're doing is setting themselves up for speaking fees, fees for writing books. so, you know, to the extent that

romney's being pounded around, it's probably good training for what's going to come in the fall. look, i'm pollyanna. i'll see good in everything. >> the president today was at a news conference and somebody asked him, what do you want to say to romney, he said, good luck tonight. >> i'll go back to what i said. you don't lift somebody else up by tear meg down. and i take a very special umbrage. we're talking about wealthy people, and that were takers. the reality is, almost every wealthy person i know has given more to charity in their lives than they've spent on themselves. >> they're also paying 40% of the tax. >> that goes without saying. but look at the universities, look at your hospitals. >> yeah. >> look at your -- all your charities. my father couldn't give anything to charity. he barely could make ends meet. my father never had a building

named after him. >> right. >> this is what -- when we look at -- take colleges. virtually every college in america loses money on every single student they have. every single college. so where does the difference come from? it comes from endowments, it comes from annual funds. it comes from people who share their treasure. >> the highest earners. >> i am really upset at the bashing that's gone on. because frankly, maria, i love this flag. i love this country. this country -- i was a poor kid. i had every chance to succeed, thank god. look at you. look at all these people down here on the floor. >> hard work. >> it works. >> yeah. hard work. a little luck. let me get your take on the markets here. the market down about 200 points. new worries about greece, the eurozone. larry fink came on the program last week and said it's a huge mistake to be putting money in

cash. >> i agree. >> that you're actually losing money. >> first of all, the market today, i think if you drew a line, it would look just like that for the last two months. nonstop. how about a correction. it's healthy. it's not a big thing. no panic. it's 200 points. it's 2%, whatever, thereabouts, a little bit less. so what. you know, i am more bothered by the fact that we aren't creating a massive number of jobs in america. that's what i'm worried about. because i think we are going to have a hard-core unemployment in america. and what do you do about that. what do you do about those people who want to work, but can't get a job. >> what is going to be the catalyst for this market and for the economy? you think it's the election? >> oh, absolutely. let me tell you what. not if, but when mitt romney wins, watch the change in attitude towards business.

we create jobs. >> you think businesses will start picking up the pace of creating jobs if mitt romney wins? >> yes. because look, why do you have -- presumably you have regulation for one reason, to make sure that you protect everybody in the country. you don't have regulation to punish people. regulation in these last three-plus years has turned into a punitive approach to business. i mean, look at the banks. >> yeah. >> jamie diamond makes a wonderful point. by the way, i love the banks. i love jpmorgan. >> you would buy the banks here? >> absolutely. because they've cleaned their act up. jpmorgan's got a balance sheet that's like a battleship. wells fargo, the same thing. bank of america is getting better. citi's getting better. >> i need to ask you about oil as we wrap up here. it's at $105 a barrel. money moving into oil.

assume you have the middle easterners, that's where the money's going to be, and they'll put it all over the world because of the price of oil. what's your take? is this going to impact the economy? >> it has to at some point. look, you take fuel costs to the airlines, at some point, you know, demand is elastic. so the airlines have now got to raise prices to accommodate the higher costs they're paying for jet fuel. look, people now, i can't afford that. i'll stay home this summer. i won't go away. oil prices can be dealt with if we're more realistic about exploration and development. okay? nuclear power is safe. believe it or not, it's safe. >> we need an energy policy. >> right. and by the way, if we agree to go to nuclear power, it will take 15 years. so it isn't going to happen overnight. at least the light's at the end of the tunnel and there's not a

train coming at you. i was at a meeting in hawaii last week. let me tell you, the management team led by david novak of that company is superb. i love home depot, of course. i love jpmorgan. i think it's a great stock. schlumberger looks good. look at oil prices, it's got to be good for the service industry. i love the health care stocks. we're living longer. it's going to cost more money to keep us alive. >> technology is really enabling so much. >> that's exactly right. so i see a lot of opportunities. but i'm a long-term investor. i think there are going to be some bumps in the road along the way. and i think you may reach a point where stocks are going to have a high degree of risk. that risk is only -- has teeth in it, if you borrow money to buy stocks. but if you own great companies, home depot, what john frank has

done with this company is not to be believed. home depot is in the best shape it's been in right now. i like my little companies, unify is getting better. and a company i took control of in california. >> i know you've been doing a fair amount of mid and smaller deals. >> i still do my venture capital. i love it, you know? it's fun and it keeps me busy. because i stay out of frank blake's hair and david novak's hair and out of jamie's hair. i just sit on the sidelines and cry. >> you'll come back and join us. great to talk with you. >> always great to see you. >> wonder if to have you. drama in the drug industry. coming up, jay flatley tells us exclusively if there's any chance they will succeed. first with an eye on today's after-hours trading action. >> i'm going to predict there is a stock i will tell you about

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they'll -- wa-- wa-- wait a minute. bobby? bobby! what are you doing, man? i'm speed dating! [ male announcer ] get investing advice for your family at e-trade. mber the day my doctor told me i have an irregular heartbeat, and that it put me at 5-times greater risk of a stroke. i was worried. i worried about my wife, and my family. bill has the most common type of atrial fibrillation, or afib. it's not caused by a heart valve problem. he was taking warfarin, but i've put him on pradaxa instead. in a clinical trial, pradaxa 150 mgs reduced stroke risk 35% more than warfarin without the need for regular blood tests. i sure was glad to hear that. pradaxa can cause serious, sometimes fatal, bleeding. don't take pradaxa if you have abnormal bleeding, and seek immediate medical care for unexpected signs of bleeding, like unusual bruising. pradaxa may increase your bleeding risk if you're 75 or older, have a bleeding condition like stomach ulcers, or take aspirin, nsaids, or bloodthinners, or if you have kidney problems,

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kennedy who revealed to me interesting mobile numbers that were not included in the release. but that the company plans to announce in its upcoming earnings call. he told me pandora's mobile revenue has quadrupled from fiscal 2011 to fiscal 2012 to over $100 million. that puts pandora second only to google in terms of mobile ad revenue. that means more than 50% of its advertising revenue, or about 50% of its advertising revenue in this current quarter was from mobile. promising in terms of the growth of all these mobile devices. >> julia, thank you. pandora among the stocks making big moves in the off-hours trading session. over to you, brian. >> that is the big story. julia talking to the ceo, getting great information about maybe the positive side of the story. the problem is, the market is not seeing it after hours. it was a huge miss on earnings. and more importantly, they issued downside guidance at a loss of 3 cents a share. but here's the really bad news.

they see first quarter below estimates. looking positive, the ceo talked to julia about revenues did rise just under 71%. after-hours move, down 13.5%. big miss in the numbers and guidance. cy, a similar story. also issuing disappointing guidance. first quarter eps of about 8 cents to 11 cents. also says it sees sales below. not looking good on the tech outlook heading into wednesday. >> thank you so much. brian sullivan with the latest there. it is super tuesday. hitting the campaign trail in ohio. >> we spent the morning at the cooling stations in the afternoon about town in the heart of ohio state capital. taking the pulse of the people. we'll tell you what they had to say ahead of tonight's super tuesday results. that's on "closing bell." after that, georgia governor

nathan deal. virginia governor bob mcdonald with me explaining why mitt romney is the best candidate to go up against president obama in november. here's a map of all the delegates at stake in tonight's primaries. back in a moment. on december 21st, polar shifts will reverse the earth's gravitational pull and hurtle us all into space, which would render retirement planning unnecessary. but say the sun rises on december 22nd and you still need to retire, td ameritrade's investment consultants can help you build a plan that fits your life. we'll even throw in up to $600 when you open a new account or roll over an old 401(k). so who's in control now, mayans? sadly, no. oh. but i did pick up your dry cleaning and had your shoes shined. well, i made you a reservation at the sushi place around the corner. well, in that case,

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welcome back. we have been telling you today a houston jury has made the decision finding financier allen stanford guilty today of running one of the largest ponzi schemes in u.s. history. scott? >> maria, as ponzi schemes go, allen stanford's $7 billion scam is second only to madoff. but in terms of investor losses, in many ways, so far, this one is worse. but this verdict now gives prosecutors an opening to go after hundreds of millions of dollars in offshore funds. allen stanford sat stoically in court, his family weeping as the jury returned its verdict,

guilty on 13 counts, acquitting him of just one count of wire fraud, involving the gift of super bowl tickets to a regulator in 2006. here's his attorney. >> like any hard-fought case, the side that doesn't win is disappointed. and we're disappointed. >> stanford's 28,000 investors have been waiting for this day for three years. an investors group called the bittersweet, others said they were relieved and vindicated. >> it actually restores my faith in the justice system. because we felt as victims we really felt abandoned by our government. >> allen stanford never did take the stand in his own defense during five weeks of testimony, which leaves his basic defense, an interview he gave to us in 2009 just before he was indicted. >> all i can tell you is that

allen stanford has run no ponzi scheme. allen stanford has set out to defraud no one. allen stanford has worked his behind off. my butt off for 25 years. >> allen stanford will turn 62 years old this month. he faces more than 200 years in prison. a sentencing date has not been set. maria? >> weird how he kept talking in the first person, scott. >> third person indeed. >> scott, thanks a lot. meanwhile, 424 delegates are up for grabs in today's super tuesday republican presidential primary. we're now in columbus, ohio, with the latest. kayla, what are the voters saying about the other candidates? >> maria, voters here are part of being a make-or-break state. at a diner in town here, they were on their lunch break, many were underwhelmed.

those who weren't were in two clear camps, one for romney and one for santorum. >> right now, i'm leaning to santorum. he's more of a conservative. >> mitch is right for ohio. he isn't as polarizing in some of his views. >> mitt romney's wife would say we're not wealthy. now, wait a minute, i pretty much know you made $42 million last year. i'm certainly not making $42 million a year. i find it hard, how is he going to see the regular normal people. i am a republican, but they haven't sold me yet. >> well, those who were supporting santorum were clearly doing so because he is viewed as more of a pure conservative. those who are supporting romney, obviously, were favoring him because of his business principles. maria, if those can't carry either candidate to november, it's unclear who will get there. >> kayla, why is ohio so important? it seems like it's always the bellwether for the american

economy. >> you know, it is, it is the epitome of a swing state. no party victories have ever happened in ohio except by very, very splim margins. there's never been a republican candidate to make it to the white house without first winning the buckeye state. obviously that is ohio. now, of course, for this election, the economy is the main issue. when you think about ohio, its statistics mirror the overall united states. unploim at 7.9%. overall u.s., 8.3%. per capita household income and home ownership as well as the poverty level, all are very, very similar. strategists are saying what happens in ohio is really expected to lay the groundwork for what's going to happen overall will in november. >> kayla, thank you. a closer look in two other states, we bring in governor nathan deal of georgia who supports newt gingrich and governor ron mcdonnell. thank you for joining us.

governor deal, let me kick this off with you. mr. gingrich said georgia is a must-win for him. what are the ramifications if he loses the state? >> obviously we think he is going to take the state. we hope he will win by a 50-plus percent margin which would give him the 76 delegates, which is the largest number of delegates available today. certainly his decision whether or not he stays in the race, if he does not do as well as we hoped, is purely his decision. but there are other southern states that are still out there for grabs. and i think he'll do well in those other states as well. >> you know, thinking about the party and going up against president obama, do you think newt gingrich has actually muddied the field and santorum have muddied the field so much that it's actually impacted the gop? >> well, i think that what newt gingrich has done is to remind people that ideas matter, especially when you can implement those ideas. he's reminded people that he is the speaker who balanced the

federal budget for the first time in 40 years. that he's the speaker who presided over things like welfare reform. things that are important to conservatives. i am supporting him. i had the opportunity to serve with him in congress representing our state of georgia. he does, i think, have the capacity to ignite people's intentions to do the right thing in terms of our independence, both from an energy standpoint and in many other economic areas. >> for the good of the party, if he doesn't win tonight, are you going to back romney? >> i'll back whoever our party's nominee is. >> governor mcdonnell, someone supporting romney for the presidential nomination, why has it been so tough for the party as a whole to get behind him? >> thanks, maria. good to be on with my friend nathan deal. we started out with ten good candidates. we still have four. and everybody's fighting hard for their principles. and everybody wants to win. so of course, governor romney's

got stiff competition. but i would say he's the candidate that's been able to win in every region of the country. he's the only one that's got both the message and the money, and the organization, as he's proved time and time again. he's won the last three in a row. he will come out today with more delegates by far than any other candidate. so i think more and more people see him as the guy that can win, that can appeal to independent voters and can go toe-to-toe with obama on the things that matter, which are jobs, debt and deficit. >> virginia's ballot is only including mitt romney and ron paul. >> right. >> given that, is the state's primary still matter? >> i expect mitt to take all of the votes. i was hoping that all the candidates would be on the ballot. we would have a more robust turnout, a better identification for those republicans for the november election. but unfortunately, two of them, santorum and gingrich did not qualify under our rules. it is disappointing. at the end of the day, i think either way mitt romney would

have won virginia. >> governor deal, critics have attacked gingrich's record as house speaker. given that, why do you believe he's the best candidate to beat president obama? >> well, for one thing, i served with him during that period of time. and i understand that he did a lot of things that people sometimes forget about. he was part of the architecture of the contract with america that brought the 94 revolution that gave republicans control of the house for the first time in 40 years. and he actually passed all of those provisions within the first 100 days, with the exception of one, which was the constitutional amendment on term limits. so i have seen him in action. and he was persistent. president clinton vetoed welfare reform twice, and the third time we convinced him he should sign it. i've seen him put his ideas into action. >> governors, wonderful to have you on the program. we'll be watching tonight with great interest. we'll see you soon. thank you so much. governor deal, and governor

mcdonnell. we have special coverage tonight on super tuesday. that's tonight live at 8:00 p.m. eastern to 9:00 p.m. eastern. john harwood and myself. we have an exclusive interview with jay flatley, explaining how the company could be impacted by potential federal research budget cuts. and whether he's determined to fend off a hostile takeover offer from roach. back in a moment.

my dad and grandfather spent their whole careers here. [ charlie ] we're the heartbeat of this place, the people on the line. we take pride in what we do. when that refrigerator ships out the door, it's us that work out here. [ michael ] we're on the forefront of revitalizing manufacturing. we're proving that it can be done here, and it can be done well. [ ilona ] i came to ge after the plant i was working at closed after 33 years. ge's giving me the chance to start back over. [ cindy ] there's construction workers everywhere. so what does that mean? it means work. it means work for more people. [ brian ] there's a bright future here, and there's a chance to get on the ground floor of something big, something that will bring us back. not only this company, but this country. ♪  you have to dig a little. fidelity's etf market tracker shows you the big picture

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looking out for 70 million americans. that's health in numbers. unitedhealthcare. welcome back. more than 1500 of the world's leading health care professionals are attending the 32nd annual health care conference. check out the biotech index. it was down, but so far this year the biotech interest is up better than 17%. with those gains, biotechs have beaten technology and financials. the s&p technology index up 13.5%, under the biotech move. the kbw index is up 11%

year-to-date. where are the biggest high fliers this year? orexig nerks has shot up. from that conference we've got the man of the company, in charge of the company whose stock has soared better than 60% so far this year. part of the move after a $5.7 billion bid from roche. jay flatley joins me now to talk about what's behind the action and the future of his company. good to have you on the program, in flatley. thank you so much for joining us. >> thank you, maria. delighted to be here. >> will you accept the roche offer? >> did we expect the roche offer? >> are you going to accept it? >> we have rejected the roche offer. we filed a 14-d 9 several weeks ago, which laid out the reasons

for rejection of the offer at $44.50. >> is it all about value, jay? or is there a benefit to remaining independent? >> mr. flatley, do you hear me? hello? don't you hate when that happens? we are in a live interview. we'll get back to jay flat le once we fix the kinks in his earpiece. we'll take a short break and come back. that was certainly a critical question. stay with us. we'll talk about the market rebounding from today's big sell-off and get back to the ceo of illumina when we come back.

welcome back. we are once again talking with jay flatley. he is the ceo of illumina. are you with us? >> i am. >> great. sorry about that. you couldn't hear me earlier. you have said that you will be rejecting the roche deal. and i asked you is it just a question of value or is there a -- is there a priority in remaining independent? >> we rejected the roche offer because we think it dramatically undervalues the company and was

provided in a very opportunistic way at a price point very near our 52-week low. as we look forward, the board is really very focused on delivering shareholder value. we're managing our business and we are focused on analyzing any new offer that might come in in light of the shareholder value we believe we can produce as a company. >> it's about creating shareholder value. so what would be an appropriate price? >> the board will look at any offer that comes in. in light of that offer versus the market conditions at that time, our product pipeline, what's happening in the competitive front. the board has not predetermined a price we would sell the company. we are not currently in a negotiation. >> let me ask you about the pipeline and what you've been working on. i find it extraordinary how technology is enabling so much in biotech and generally in health care. back in january you said you would introduce a machine

capable of scanning someone's complete dna by year end. tell us about the opportunity here. >> this technology, we think, is going to revolutionize health care. we have the ability to analyze a complete human genome in a single day. we can do this at a economical cost. and it has brand new abilities to analyze drug targets, ma manage clinical trials. it's going to be very important, understanding which drugs work for which subsets of the population. sequencing will be the tool determining that. which is one reason they're so into that. and we think huge opportunity in clinical sequencing. >> how far away are we from a true medical market for dna sequencing technology? >> the markets are opening up right now. so we see this in cancer centers across the u.s. and in fact, outside the u.s.

where they're all beginning to plan in the oncology field to look at the tumor of every patient that comes into their facilities. we're working with companies. this is a noninvasive replacement for am knee oneknee amniosintesis. . >> well -- >> in addition -- go ahead. >> well, you go ahead, sir. >> i was going to say there are many entities we're working with in the diagnostic space that are developing target panels for areas like cancer for infectious disease. we have a partnership with sieme siemens. >> feels like you are in the sweet spot of what's going on in the world today. thank you for your time. see you soon. thank you, mr. flatley. >> thank you.

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lebeau. >> ford releasing form fours in terms of ownership change. ford ceo mullally he was awarded options in 2009. those options 4.82 million shares, they vested on march 3rd. the total value $58.3 million. about $25 million worth of shares were withheld to hold taxes. but mullally now owns $67.9 million worth of ford shares. >> thank you so much. before we go, let's recap this day on the market. posted worst loss in three months today. renewed concerns about greece and the rest of the eurozone creeping back into the market. the dow industrials down 1.6% by the close. finishing at the lows of the day. s&p 500 down 21 points. that was 1.5%. financials, industrials, and materials amongst the wors